Are you looking to expand your business but are short of finances? Worry no more as the Cooperative Bank of Kenya has introduced various solutions to bring your dream business close to you.

Whether in manufacturing, energy, financial services, or agriculture, you can take a loan from Co-op Bank to keep your operations running.

The bank recently introduced a loan of up to Sh9 million for employed people or individuals with a regular income including a monthly pension.

The product allows borrowers to access a minimum loan amount of  Sh50,000 and a maximum loan amount of Sh9,000,000 for various purposes including education, medical, furniture, consumer durables, motor vehicles, plot purchases, holidays, and shares.

No specific minimum net salary is required, meaning anyone can access the loan as long as they have a regular income.

Features of the loan

• Minimum loan amount of Sh50,000
• Maximum loan amount of Sh9,000,000
• Maximum term of up to 120 months
• Purposes to be covered include education,  medical, furniture, consumer durables, motor vehicles, plot purchase, holidays and shares
• Applications to be appraised using credit scoring
• Applications appraised within 48 hours

KUSCCO set to sell assets, loan book to recover Sh8.8 billion lost to fraud

Requirements

• Employed individuals or individuals with a regular income including monthly pension
• Original National Identity Card and a cop
• No specific minimum net salary is required
• Salary pay slips for the last 3 months
  Filled in loan application form
  Copy of KRA PIN 

Co-op Bank also allows customers to access loans through its MCo-opCash mobile app. To qualify for the MCo-opCash loans, borrowers must have a Co-op Bank salary account, a copy of KRA PIN, and register on the mobile platform.

Features of Co-op Bank salary account

Features:

• Minimum opening balance – Nil
• Minimum operating balance – Nil
• No Monthly Maintenance fee
• Salary processing fee applicable
• Access to Asset products such as Unsecured Personal Loan, Asset Finance, Mortgage and Cash Advance.
• Debit card
• Access to a credit card

Requirements:

• Identity card/ Passport- original and copy
• Passport Photo (To be taken at the branch)
• Ksh600 for the Debit Card (inclusive of Excise Duty of 20%)
• Copy of KRA PIN
• A letter of introduction from the employer is not required